Is a hard credit pull required to get a verified pre-approval letter?

Yes. This helps us determine your exact FICO score and monthly debt obligations so we can be sure you qualify for a loan.

What is a hard credit pull​?

A hard credit pull, often called a hard inquiry, happens when a lender or creditor accesses your credit report to assess your creditworthiness. This happens when you apply for a new loan, mortgage, or credit card, which requires your permission. Hard pulls are necessary for assessing risk, allowing lenders to determine if you're a reliable borrower.

Unlike soft inquiries, which don't affect your credit score, hard inquiries can have a short-term impact on your credit report and are visible to other lenders.

How much does a hard pull affect your credit?

A hard pull can lower your credit score, but the effect is minor. On average, a hard inquiry may reduce your score by less than five points, though the impact can vary and depends on your credit history. Multiple hard pulls in a short time can have a more significant effect, especially if your credit history is limited or you're applying for multiple forms of credit. While hard inquiries stay on your report for two years, their effect on your score typically lasts only one year.